SG Morning Highlights | Singapore Airlines and Garuda Indonesia Receive Approval for Joint Venture Agreement

Advancers / Decliners is 98 to 71, with 73.25 million securities worth S$91.67 million changing hands.

Singapore's Purchasing Managers' Index (PMI) dipped to 50.4 in June due to increased nautical miles and longer sailing times from Red Sea diversions, which caused the supplier deliveries subindex to decrease to 50.1 from 50.3. The decline in supplier deliveries, finished goods, and order backlog subindexes contributed to the slower PMI expansion, according to the Singapore Institute of Purchasing and Materials Management. Port congestion in Singapore could continue due to vessel bunching, off-schedule arrivals, and a rise in throughput, according to Germany-based Container xChange. Despite this, UOB Associate Economist Jester Koh is optimistic about the recovery of the electronics and semiconductor sectors, thanks to supportive base effects in 2Q-3Q24 and strong end-demand fundamentals bolstered by generative AI-related applications.

Transport Minister Chee Hong Tat has revealed that one in three cars sold in Singapore is an electric vehicle (EV), thanks to measures like the Electric Vehicle Early Adoption Incentive and Enhanced Vehicular Emissions Scheme, Electric Vehicles Charging Act (EVCA), and EV Common Charger Grant (ECCG). This is a significant increase from 2023, when EVs accounted for only 18% of car sales. The government has also expanded its EV charging infrastructure to support the growing EV population in Singapore, with over 7,100 EV charging points and more than a third of HDB carparks having charging points.